Liberty Media Ups Sirius Stake Ahead Of FCC Approval

Law360, New York (November 19, 2012, 5:26 PM EST) -- Liberty Media Corp. increased its stake in Sirius XM Radio Inc. to 49.8 percent Friday with the purchase of 31 million shares, taking a small step toward a takeover while awaiting approval from the Federal Communications Commission to take full control of Sirius, according to regulatory filings.

Liberty Media paid an average price of $2.66 per share for the new 0.5 percent stake, buying the stock in batches over three days last week, according to a disclosure filed with the U.S. Securities and Exchange Commission late...